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Market watch: Index ends slightly negative as US election looms

KARACHI: Late-day selling wiped off all gains equities made during intra-day trading as the benchmark-100 index closed marginally lower after a volatile session. The earlier half of the day saw the KSE-100 reach a new record high, moving past the 42,400-point mark, but profit-taking by a few foreign investors ahead …

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For hybrid, electric vehicles: Pakistan’s first public charging station opened

LAHORE: In an effort to remind customers that they are back in the market and to give competitors a run for their money, Dewan Motors inaugurated Pakistan’s first public charging station for electric vehicles and plug-in hybrid electric vehicles at the Emporium Mall on Tuesday. “Today is an important milestone …

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Distributors of mutual funds: SECP approves simpler regulatory environment

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has approved simplified regulatory requirements for distributors of mutual funds to increase their outreach and improve the penetration of retail investors. SECP Chairman Zafar-ul-Haq Hijazi said that in order to make the country’s economy grow, it was imperative to encourage mobilisation …

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Gwadar-Quetta road to be completed next month

LAHORE: The development work on the China-Pakistan Economic Corridor (CPEC) was in full swing and the Gwadar-Quetta road would be completed by next month, which was ahead of schedule, said Federal Minister for Planning, Development and Reform Ahsan Iqbal. Speaking at the inauguration of the International Business Conference and Exhibition …

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Centre to pay Punjab Rs82b in net hydel profit

ISLAMABAD: The centre on Monday agreed to pay Rs82 billion to Punjab in arrears of net hydel profit (NHP) of the Ghazi Barotha hydroelectric power project amid claims that the provincial government had backed off from its earlier undertaking that it would not demand hydel profit from the project. The …

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Domestic demand: Cement sales shoot up 15.88% in October

ISLAMABAD: Sales of cement in the domestic market accelerated 15.88% in October 2016 after a modest growth of only 2% in September. Exports, however, declined by 1.96% as opposed to a robust growth of 11.79% in September. According to data released by the All Pakistan Cement Manufacturers Association (APCMA), in …

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Bilateral trade: LCCI chief urges check on smuggled goods

ISLAMABAD: President of Lahore Chamber of Commerce and Industry (LCCI) Abdul Basit said that restriction on illegal trade would give considerable boost to trade relations between Iran and Pakistan. In an Interview with IRNA, he said that illegal trade should be treated with an iron hand since it was damaging …

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Why the SC’s ruling is crucial in controlling spending

ISLAMABAD: The decision of the Supreme Court of Pakistan to reject the government’s review petition against curtailment of discretionary spending powers of the prime minister and put a stop on unchecked supplementary grants issued by the finance ministry may severely affect the government’s business. Many see the Supreme Court’s judgement …

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PSO unveils premium quality petrol

KARACHI: Pakistan State Oil (PSO) will launch improved quality petrol and HOBC fuel from Monday morning (today), ahead of its nationwide sale over the next three to four days. “The price of deregulated HOBC, under the new name of Altron X High Performance, will go up by Rs5-7 per litre,” …

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The fine print on the CPEC portfolio

ISLAMABAD: Mega projects are all about multi-billion dollar budgets, fast-tracking schedules and triggering media hype. However, they also involve creating a consistent but compelling narrative for stakeholder consensus. Pakistan too, is expected to get a “CPEC booster shot” of around $5 billion in Foreign Direct Investment over the next couple …

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